# Armadin revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/armadin/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Armadin was valued at more than $2.5 billion in its October 2026 Series B, which raised $255.5 million. It hasn't published revenue. It's a private company and hasn't announced any IPO plans.

Checked Nov 8, 2026

## At a glance

- Valuation: more than $2.5 billion at its Series B, in October 2026.
- Revenue: not published. No revenue or run-rate figure has been reported.
- Status: private. No stock ticker. No IPO plans announced.
- Founded: first announced in late 2025 with a $24 million seed, and launched publicly in March 2026, by Kevin Mandia, Travis Lanham, Evan Peña and David Slater.
- CEO: Kevin Mandia, who founded Mandiant.
- Funding: $445 million raised in total as of October 2026.
- Investors: Accel, Andreessen Horowitz, Bain Capital Ventures, Redpoint, Google Ventures, In-Q-Tel and Kleiner Perkins, among others.
- Products: an AI red-teaming platform built on an autonomous swarm of attacker agents.

## Is Armadin public? Can you buy its stock?

No. Armadin is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol. Its shares have no public market price, [Caplight](https://www.caplight.com/company/armadin) reports.

Armadin hasn't announced any plans to go public. It launched publicly in March 2026 and had raised $445 million in total by October, [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/) reported.

Its shares are held by its founders and its investors, among them Accel and Andreessen Horowitz. This page reports facts and gives no investment advice.

## Valuation, round by round

Armadin raised $255.5 million at a valuation above $2.5 billion in October 2026, seven months after its public launch.

- Oct 2026 · $2.5B+ · $255.5M · Andreessen Horowitz (a16z) and Accel · [TechCrunch](https://techcrunch.com/2026/10/01/kevin-mandias-new-agent-swarm-security-startup-armadin-raises-255-5m-at-2-5b-valuation/)
- Mar 2026 · — · $189.9M · Accel · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)

No valuation was reported for the $189.9 million seed and Series A in March 2026. A first $24 million seed was announced in late 2025, per [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/).

## Products

Armadin builds software that attacks its customers' own systems to find weak points before real attackers do. Its agents work as a swarm.

- **AI red-teaming platform** (launched March 2026). An autonomous, agentic attacker swarm that runs AI-directed offensive security tests. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- **CrowdStrike partnership** (April 30, 2026). Armadin's AI attacker was integrated with CrowdStrike's Falcon platform. · [PR Newswire](https://www.prnewswire.com/news-releases/armadin-announces-partnership-with-crowdstrike-to-defend-against-ai-hyperattacks-302758781.html)
- **[TENEX.ai](https://realalpha.app/companies/tenex/) exercise** (August 3, 2026). The two companies announced a joint exercise they billed as the largest controlled live AI cyberattack on record. · [PR Newswire](https://www.prnewswire.com/news-releases/armadin-and-tenexai-run-the-largest-controlled-live-ai-cyberattack-on-record-302841653.html)

## Customers

Armadin says it is already running agentic attack campaigns in production for Fortune 500 companies and government customers, according to [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/). It hasn't given a customer count.

## Leadership

- **Kevin Mandia,** founder and CEO. He founded the security firm Mandiant. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- **Travis Lanham,** co-founder and CTO. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- **Evan Peña,** co-founder and chief offensive security officer. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- **David Slater,** co-founder and chief architect. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)

## Who owns Armadin?

Its founders and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.

- **Accel** led the $189.9 million seed and Series A in March 2026. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- **Andreessen Horowitz** co-led the October 2026 Series B with Accel, an existing investor. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/)
- **Bain Capital Ventures and Redpoint** joined as new investors in the Series B. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/)
- **8VC, Ballistic Ventures, Google Ventures, In-Q-Tel, Kleiner Perkins and Menlo Ventures** also took part in the Series B. · [TechCrunch](https://techcrunch.com/2026/10/01/kevin-mandias-new-agent-swarm-security-startup-armadin-raises-255-5m-at-2-5b-valuation/)

## Competitors

A July 2026 guide from [MindFort](https://www.mindfort.ai/blog/best-pentera-alternatives), itself a rival, named Armadin among five alternatives to Pentera.

- **[XBOW](https://realalpha.app/companies/xbow/),** named alongside Armadin in the guide. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)
- **Horizon3.ai,** named alongside Armadin in the guide. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)
- **RunSybil,** named alongside Armadin in the guide. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)
- **MindFort,** which wrote the guide and listed itself. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)
- **Pentera,** the company the five tools were offered as alternatives to. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)

## Timeline and latest news

- Oct 1, 2026 · Raised $255.5 million in a Series B at a valuation above $2.5 billion, co-led by Andreessen Horowitz and Accel. · [TechCrunch](https://techcrunch.com/2026/10/01/kevin-mandias-new-agent-swarm-security-startup-armadin-raises-255-5m-at-2-5b-valuation/)
- Oct 1, 2026 · Its total funding reached $445 million. · [Help Net Security](https://www.helpnetsecurity.com/2026/10/01/armadin-raises-255-5-million-funding/)
- Oct 1, 2026 · Said it runs agentic attack campaigns in production for Fortune 500 and government customers. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/)
- Oct 1, 2026 · Coverage of the Series B described it as based in Palo Alto, California. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/)
- Aug 3, 2026 · Announced a joint live AI cyberattack exercise with TENEX.ai. · [PR Newswire](https://www.prnewswire.com/news-releases/armadin-and-tenexai-run-the-largest-controlled-live-ai-cyberattack-on-record-302841653.html)
- Jul 20, 2026 · A MindFort guide named it among five alternatives to Pentera. · [MindFort blog](https://www.mindfort.ai/blog/best-pentera-alternatives)
- Apr 30, 2026 · Announced a partnership with CrowdStrike, connecting its AI attacker to the Falcon platform. · [PR Newswire](https://www.prnewswire.com/news-releases/armadin-announces-partnership-with-crowdstrike-to-defend-against-ai-hyperattacks-302758781.html)
- Mar 10, 2026 · Launched publicly with a $189.9 million seed and Series A, led by Accel. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- Mar 10, 2026 · Named Kevin Mandia as CEO and three co-founders at its launch. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)
- Mar 10, 2026 · Launched its AI red-teaming platform built on an agentic attacker swarm. · [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-launches-with-189-9-million-in-funding/)

## What others say about Armadin

- [Armadin maps networks and attacks when they change](https://realalpha.app/s/armadin-maps-networks-and-attacks-when-they-change/) · Kevin Mandia · a16z Podcast · Oct 6, 2026
  > “we throw a drone swarm of agents at you, and we map your network.”
- [Cyber agents need domain expertise and layered safety checks](https://realalpha.app/s/cyber-agents-need-domain-expertise-and-layered-safety-checks/) · Kevin Mandia · a16z Podcast · Oct 6, 2026
  > “So that's why Armadin, we combine the exploit developer types”

## Questions people ask

### Is Armadin a public company? Can I buy Armadin stock?

No. Armadin is private and has no ticker, so its shares aren't sold on any exchange.

### When will Armadin IPO?

No IPO plans have been announced, according to [Caplight](https://www.caplight.com/company/armadin).

### Who owns Armadin?

Its founders and investors, including Accel, Andreessen Horowitz, Bain Capital Ventures, Redpoint, Google Ventures, In-Q-Tel and Kleiner Perkins. Stakes haven't been disclosed.

### Who is the CEO of Armadin?

Kevin Mandia, who founded Mandiant.

### Who founded Armadin?

Kevin Mandia, with co-founders Travis Lanham, Evan Peña and David Slater.

### How much is Armadin worth?

More than $2.5 billion at its Series B in October 2026, [TechCrunch](https://techcrunch.com/2026/10/01/kevin-mandias-new-agent-swarm-security-startup-armadin-raises-255-5m-at-2-5b-valuation/) reported.

### How much revenue does Armadin make?

Armadin hasn't published revenue, and no figure has been reported.

### How does Armadin make money?

It sells an AI red-teaming platform to large companies and governments. It says it runs attack campaigns in production for Fortune 500 and government customers ([SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/)).

### Where is Armadin headquartered?

Palo Alto, California, per [SecurityWeek](https://www.securityweek.com/kevin-mandias-armadin-raises-255-million-at-2-5-billion-valuation/) in October 2026. Coverage of its March 2026 launch said San Francisco.

### Who are Armadin's competitors?

XBOW, Horizon3.ai, RunSybil and MindFort, all named with Armadin in a July 2026 [MindFort guide](https://www.mindfort.ai/blog/best-pentera-alternatives) to Pentera alternatives.

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.